Wireless retailers have developed a reciprocal relationship with customers. The retailer provides an innovative omnichannel experience that is as seamless and customized as possible. In exchange, customers allow some of their personal information to be tracked, stored, and analyzed.
This arrangement serves both parties in meaningful ways—but it also creates a huge new responsibility for retailers: data management. The amount of data retailers now contend with is staggering. Without the right management, it has little value and creates troubling concerns about storage, security, and strategy. Effective data management isn't just a possibility, it's a priority.
It can also give wireless retailers a huge advantage. The right approach to data can reveal deep insights about consumers' wants, needs, patterns, and pain-points. Retailers can leverage this data to personalize the retail experience, remove points of friction, and ultimately drive more sales. But first, someone needs to take the lead on data management.
How do wireless retailers benefit from data management?
It's unreasonable to think that in-store managers can take on data management responsibilities and not be overwhelmed. It's just as unrealistic to think that an occasional analysis of data will produce meaningful insights. In order for a data-driven strategy to work it requires full-time attention. A dedicated data manager can ensure wireless retailers are benefitting in a number of ways.
- Greater Visibility: Data reveals the true state of a retail location in real-time. With a data manager on staff, it's possible for stakeholders throughout the ranks to get a deep look at what is and is not working within a store at any given moment.
- Data Organization: One of the responsibilities of a data manager is to create integrated systems and structures for handling data. After those are in place, the amount of input and investment needed to manage multiple systems is greatly reduced.
- Reducing Costs: Data can be used to lower costs throughout a single store or an entire enterprise. Data managers can track metrics for productivity and efficiency, and suggest opportunities for improvements.
- Competition: A dedicated data manager has the resources to track both in-store customer data as well as data from the competition and retail industry as a whole. Once retailers understand both their own operations and the competitive environment they operate in, they can align their strategy accordingly.
- Adjusting Prices: Trying to find the right mix of products and price points is much easier when the process is driven by data. Rather than relying on past practices or vague predictions retailers can calibrate their offerings in highly-targeted ways.
- Forecasting Trends: A key role for the data manager is to analyze past data to forecast trends and predictions for the future. Regardless of whether these are positive or negative, they empower retailers to be proactive in the face of a rapidly evolving retail landscape.
- Omnichannel Marketing: A data manager makes it possible to practice sophisticated customer relationship management, and reach shoppers on their preferred channels.
- Customer Loyalty: Cultivating customer loyalty is much easier to do when data is able to guide every touchpoint or interaction. Having customer data on hand allows retailers to steer their efforts towards their customers to provide an exceptional customer experience every time.
The retail landscape of the future will be powered by data, but it's not a foregone conclusion that every retailer will thrive in this environment. The retailers who understand that data is both a valuable and volatile commodity have the right mindset. Data managers should always be on their toes looking for new trends, channels, and competitors in the market.
Wireless retailers that staff data professionals and put together teams to manage data intake across channels will stay ahead of the curve. With innovative tools, these employees can help wireless retailers give form and function to an avalanche of information.
Contact the team at iQmetrix to find out how we can help wireless retailers make smarter use of data in a changing retail landscape.
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